Schweitzer-Mauduit International, Inc. ("SWM" or the "Company")
(NYSE: SWM) reported earnings results for the three month and six
month periods ended June 30, 2021.
Adjusted measures are reconciled to GAAP at the
end of this release. Financial and operating comparisons are
versus the prior year period. Figures may not sum to total
due to rounding. Definitions: Advanced Materials &
Structures (AMS), Engineered Papers (EP), low ignition propensity
(LIP), "organic" - pro forma for Tekra acquisition that closed in
March 2020, and excludes benefit of Scapa acquisition in April
2021
Second Quarter 2021 Financial Results
Summary
- Strong demand, highlighted by 18% organic sales growth in AMS
and a 4% sales increase in EP; significant input cost inflation and
supply chain challenges during the quarter; Scapa acquisition
performing as expected
- Total sales were $377.8 million, up 48.6%, or up 11% on organic
basis
- GAAP operating profit was $15.9 million, or 4.2% of sales, down
$18.5 million, and included $19.2 million of transaction costs and
incremental purchase accounting expenses driven by the Scapa
acquisition (closed April 15, 2021); Adjusted operating profit was
$44.6 million, or 11.8% of sales, up 3%
- GAAP EPS was $0.06, down from $0.68, and included $0.57 per
share of incremental expenses related to the Scapa acquisition;
Adjusted EPS was $0.90, in line with second quarter 2020
Management Commentary
Dr. Jeff Kramer, Chief Executive Officer,
commented, "The strength of our portfolio was again evident during
the quarter, as an increase in global economic activity drove very
strong demand across the business. Excluding the benefit of the
Scapa acquisition, overall sales increased double-digits, and we
are confident that robust order activity will continue in the
coming quarters. We also closed and began integrating the largest
acquisition in our history, as Scapa joined our portfolio, putting
us in even better position to drive sustainable long-term profit
growth. And while we were not immune to global supply chain
challenges, our teams again demonstrated their flexibility and
skill in delivering against these increased volumes, resulting in
second quarter adjusted EPS of $0.90."
"AMS delivered 18% organic sales growth with a
nearly 60% increase in transportation films and very strong
25%-plus growth in filtration and construction end-markets. Those
areas impacted by the COVID-19 pandemic last year have bounced back
with vigor, customers are signaling continued momentum, and our
global teams are pushing hard to meet demand. Scapa is performing
well, results are in line with our expectations, and year-over-year
operating trends are very positive. Within EP, volumes and sales
were up 3% and 4%, respectively, with only a modest decline in the
tobacco business."
"As noted, supply chain pressures, not unique to
SWM, were apparent throughout the quarter and impacted both
segments' margins. We have implemented aggressive price increases
and expect to recoup a large portion of these costs as the year
progresses. However, given how quickly raw materials prices have
risen, there is an inherent lag in the benefits of these actions
during the quarter. Beyond price pressures, there were availability
limits on a few specialty resins which restricted our sales growth
in the quarter. Without these headwinds, both top and bottom-line
results would have been significantly stronger. We expect supply
chain challenges to be bumpy over the near-term, however, our
global teams continue to find creative solutions to keep service
levels as high as possible until these issues normalize."
Dr. Kramer concluded, "While the global supply
chain issues cause short-term pressures, our strong results,
demonstrate the resiliency and attractiveness of our portfolio.
With the Scapa integration progressing well, we are excited about
the long-term commercial synergies from adding new coating and
adhesive capabilities to our business and the continued buildout of
our healthcare platform. Our combined portfolio allows for greater
innovation and intimacy with our customers and we remain confident
that SWM is even better positioned for long term attractive
growth."
Second Quarter 2021 Financial Results
Advanced Materials & Structures
segment sales were $252.0 million, up 90%, including the benefit
from the Scapa acquisition, while organic sales increased 18%. The
organic sales increase was driven by rapid growth in transportation
sales as they continued to rebound sharply from COVID-19 related
pressures that began early in 2020. Filtration sales were up over
25%, with strong gains across water, process, and air filtration
product lines, as were construction sales, with broad strength
across building materials and infrastructure products.
Healthcare sales (excluding Scapa) declined as certain products
that saw short-term COVID-related demand spikes in prior quarters,
such as facemask materials, faced difficult comparisons. Industrial
sales declined during the quarter, though mostly in lower-margin
products.
GAAP operating profit was $18.9 million, or 7.5%
of sales, up 44%, reflecting strong sales growth partially offset
by the increased purchase accounting expenses (discussed below in
non-GAAP adjustments) associated with the acquisition.
Adjusted operating profit was $33.2 million, up 60%, with margin
down 250 basis points to 13.2%. Both GAAP and adjusted operating
profit growth were driven by strong organic sales growth and the
incremental benefit of the acquired Scapa business; the margin
percentage decline was primarily attributable to higher raw
material costs as the significant magnitude and speed of the
increase was not fully offset by aggressive pricing actions during
the quarter. The Company expects further selling price increase
actions to close the cost gap throughout the remainder of 2021. Of
note, $1.5 million of operating costs related to shared services in
Scapa have been classified into the Company's Unallocated expenses,
as discussed below.
Engineered Papers segment sales were
$125.8 million, up 4%, driven by a 3% volume increase, unfavorable
price/mix of 4%, and a 6% currency benefit (primarily related to
the Euro); figures may not sum due to rounding. The volume
performance was attributable to growth in non-tobacco products such
as battery papers, furniture laminates and packaging. The negative
price/mix effect was primarily a function of lower LIP volumes, as
certain customers resumed more normalized order patterns versus
2020 when they built inventories. Accelerated growth in
reduced risk Heat-not-Burn products continued to be a positive
driver within the tobacco business.
GAAP operating profit was $24.2 million, or
19.2% of sales, down 24%. Adjusted operating profit was $26.5
million, down 19%, with adjusted operating margin contracting 590
basis points to 21.1%. Margin reduction resulted from a combination
of the LIP mix highlighted above but also from significant wood
pulp cost increases. While price increases to non-contract
customers were effective during the quarter, longer negotiations
with contracted customers delayed full implementation. These
additional price increases are expected to benefit results for the
remainder of the year, providing meaningful offsets to cost
inflation. The Company also experienced inefficiencies in the
transition and ramp up of new production technologies from the
recently closed Spotswood, NJ site to other facilities; the
inefficiencies have been resolved and are not expected to impact
future quarters. Currency movements resulted in a $3.1 million
benefit to operating profit, mainly from the Euro and Brazilian
Real.
Unallocated GAAP expenses were $27.2
million, versus $10.4 million in 2Q:20; $12.1 million of the
increase related to the Scapa acquisition, including associated
third-party advisory and diligence costs, transaction fees, and
integration expenses. Adjusted unallocated expenses (which
excluded the Scapa acquisition related costs) were $15.1 million,
versus $10.4 million. The increase included $1.5 million of
costs incurred within Scapa as shared services for corporate
functions such as finance, HR, and IT, however these costs are
reported in the Company's segment financials as unallocated
expenses. The remainder of the increase was driven by higher
administrative costs, third-party consulting fees for HR and
finance, as well as higher IT expenses to support the growth of the
business.
Consolidated sales were $377.8 million,
up 49%, or up 11% excluding the incremental sales from the Scapa
acquisition. Favorable currency movements benefited sales on
the business, excluding Scapa, by 3%. GAAP operating profit was
$15.9 million, down 54%, and GAAP operating profit margin was 4.2%.
These figures were significantly impacted by the Scapa acquisition
and integration related costs of $12.1 million and $7.1 million of
higher purchase accounting expenses due to the Scapa acquisition.
Adjusted operating profit was $44.6 million, up 3%, and adjusted
operating profit margin was 11.8%, down 520 basis
points.
GAAP income was $1.8 million, down from $21.5
million; GAAP EPS was $0.06; GAAP EPS was impacted by $0.57 per
share of incremental Scapa acquisition related expenses (detailed
below). Adjusted income was $28.6 million, up 2%; Adjusted EPS was
$0.90. Adjusted EBITDA was $57.3 million, up 9%, and adjusted
EBITDA margin was 15.2%, down 560 basis points.
Interest expense was $13.1 million, up from $8.1
million, due to higher average debt balances as a result of the
Scapa acquisition which closed in April 2021. Other expense was
$0.3 million, unchanged from the prior year quarter.
The Company reported a tax rate of 140.0%,
versus 20.8% in the prior year period reflecting the timing of
significant discrete items during the quarter. These discrete
items largely relate to the Scapa acquisition and are not expected
to yield a material impact to the Company's effective tax rate or
cash tax when incorporated into the anticipated full year results.
Excluding the effect of non-GAAP adjustments, the second quarter
2021 tax rate was 20.8% (the implied rate reflected in the
Company's Adjusted EPS), versus 21.8% in the prior year
quarter.
The Company's Chinese JVs contributed $0.09 to
both GAAP and Adjusted EPS, versus $0.03 in the prior year quarter
due to strong volume growth.
Net currency movements had a $3.6 million
benefit to operating profits and the translation impact of net
currency movements was positive $0.04 to both GAAP EPS and Adjusted
EPS.
Non-GAAP Adjustments reflect items
included in GAAP operating profit, income, and EPS, but excluded
from adjusted operating profit, income, and EPS (see non-GAAP
reconciliation tables). The most significant adjustments to second
quarter 2021 results were related to the Scapa acquisition.
The Company incurred $0.39 per share of costs associated with third
party advisory and transaction fees which affected GAAP operating
profits, and an unfavorable mark-to-market impact of British pound
forward contracts which affected other expense. In addition to
transaction costs, purchase accounting expenses increased $0.18 per
share to $0.36 per share during the quarter due to the Scapa
acquisition (purchase accounting expenses reflect the ongoing
non-cash intangible asset amortization, as well as non-cash
one-time inventory step-up charges, associated with AMS
acquisitions).
2021 Year-to-Date Financial Results
Advanced Materials & Structures
segment sales were $415.0 million, up 62%, including the
acquisition benefit from the Scapa acquisition, while organic sales
increased 17%. Similar to second quarter results, year-to-date
organic sales growth was driven by strong double digit gains in
filtration, transportation, and construction end-markets, with
broad strength across product lines. Healthcare sales
(excluding Scapa) declined due to lower sales of certain products
that benefited from COVID-19 related demand in the prior year.
Industrial sales declined, though mostly in lower-margin product
lines.
GAAP operating profit was $40.2 million, up 50%,
also reflecting strong sales growth partially offset by higher
purchase accounting expenses associated with the Scapa acquisition.
Adjusted operating profit was $61.0 million, up 52%, while margin
contracted 100 basis points to 14.7%. Both GAAP and adjusted
operating profit growth were driven by strong organic sales growth
in the first half of the year and the incremental benefit of the
acquired Scapa business; the margin percentage decline was
primarily attributable to higher raw material costs, which
accelerated throughout the period, and had not yet been offset by
selling price increases the Company has begun implementing. The
Company expects further selling price increase actions to close the
cost gap throughout the remainder of 2021. Of note, $1.5 million of
operating costs related to shared services in Scapa have been
classified into the Company's Unallocated expenses, as discussed
below.
Engineered Papers segment sales were
$251.0 million, down 3%, driven by a 2% volume decline and
unfavorable price/mix of 6%, which were partially offset by a 5%
currency benefit (related to the Euro). Volumes were driven
by lower LIP sales, which also had a negative impact on price/mix.
This was partially offset by rapid growth in reduced risk
Heat-not-Burn products.
GAAP operating profit was $54.1 million, down
17%. Adjusted operating profit was $58.1 million, down 12%, with
adjusted operating margin decreasing 240 basis points to 23.1%.
Adjusted profits and margins declined mainly due to higher raw
material costs which had not yet been offset by selling price
increases. Price increases were implemented with non-contract
customers, while increases to contract customers will be effective
in the second half of the year and are expected to mitigate the
negative effects of higher input costs. Profits were also impacted
by inefficiencies related to the Spotswood, NJ closure and
transition as noted above. Currency movements resulted in a $6.1
million benefit to operating profit, due to the Euro and Brazilian
Real.
Unallocated GAAP expenses were $44.9
million, versus $23.4 million in the first half of 2020; $15.7
million of the increase related to the Scapa acquisition, including
associated third-party advisory and diligence costs, transaction
fees, and integration expenses incurred mostly during the second
quarter. Adjusted unallocated expenses (which excluded the
Scapa acquisition related costs) were $29.2 million, versus $23.4
million. The increase included $1.5 million of costs incurred
within Scapa as shared services for corporate functions such as
finance, HR, and IT, that are reported in the Company's segment
financials as unallocated expenses. The remainder of the increase
related to higher administrative and third party consulting costs
to support growth of the business.
Consolidated sales were $666.0 million,
up 29%, including the acquisition benefit from Scapa, or up 7% on
an organic basis (pro forma to assume the Tekra acquisition was
owned for the full prior year period). Favorable currency
movements benefited sales on the business, excluding Scapa, by 3%.
GAAP operating profit was $49.4 million, down 28%, and GAAP
operating profit margin was 7.4%. These figures were significantly
impacted by the Scapa acquisition and integration related costs of
$15.7 million and $8.0 million of higher purchase accounting
expenses mostly related to the Scapa acquisition. Adjusted
operating profit was $89.9 million, up 8%, and adjusted operating
profit margin was 13.5% down 260 basis points. Adjusted EBITDA was
$112.5 million, up 11%, and adjusted EBITDA margin was 16.9%, down
300 basis points.
GAAP income was $23.4 million, down from $44.0
million; GAAP EPS was $0.74. GAAP EPS was impacted by $0.61 per
share of acquisition and integration related costs, and foreign
currency exchange impacts from Scapa acquisition as detailed below
in non-GAAP adjustments section, as well as $0.52 purchase
accounting adjustments which increased from prior year primarily
due to Scapa acquisition.
Adjusted income was $60.8 million, up 12%;
Adjusted EPS was $1.92.
Interest expense was $16.0 million, up from
$15.0 million. Interest expense on debt increased $5.5 million due
to incremental debt related to the Scapa acquisition. This
increase was offset by a $4.5 million favorable adjustment to
interest expenses related to the settlement of Brazil tax
assessments. Other expense was $2.9 million, versus income of $0.3
million, due to the negative mark-to-market impact of forward
contracts on the British Pound related to the Scapa
acquisition.
The Company reported a tax rate of 35.7%, versus
19.9% in the prior year period. The higher rate is primarily due to
the high second quarter 2021 tax rate related to significant
discrete items in the quarter as discussed above. Excluding the
impact of non-GAAP adjustments, the year-to-date tax rate was 20.7%
(the implied rate reflected in the Company's Adjusted EPS), versus
21.5% in the prior year period.
The Company's Chinese JVs contributed $0.12 to
both GAAP and Adjusted EPS, versus $0.03 per share in the prior
year period due to higher volumes.
Net currency movements were a $7.0 million
benefit to operating profits and the translation impact of net
currency movements was positive $0.05 to both GAAP EPS and Adjusted
EPS.
Non-GAAP Adjustments reflect items
included in GAAP operating profit, income, and EPS, but excluded
from adjusted operating profit, income, and EPS (see non-GAAP
reconciliation tables). The most significant adjustments to
year-to-date 2021 results were related to the Scapa
acquisition. The Company incurred $0.61 per share of costs
associated with third party advisory and transactions fees which
affected GAAP operating profits, and an unfavorable mark-to-market
impact of British pound forward contracts which affected other
expense. In addition to transaction costs, purchase accounting
expenses increased $0.20 per share to $0.52 per share during the
quarter, mostly due to the Scapa acquisition (purchase accounting
expenses reflect the ongoing non-cash intangible asset
amortization, as well as non-cash one-time inventory step-up
charges, associated with AMS acquisitions). In addition,
restructuring and impairment expenses were $0.10 per share, and the
Company adjusted out a $0.12 per share benefit related to the
favorable settlement of the Brazil tax assessment.
Cash Flow, Debt, & Dividend
Year-to-date 2021 cash provided by operating
activities was $19.8 million, versus $49.3 million.
Approximately $13 million of cash costs were incurred during the
first six months of 2021 in connection with the closing of the
Scapa acquisition, contributing to the year-over-year cash flow
decline. In addition, the Company's working capital-related cash
outflows were $51.0 million, compared to $30.2 million in the prior
year period, reflecting the Company's typical seasonal working
capital pattern, as well as escalated outflows associated with the
strong year-to-date
2021
sales increase, particularly in AMS.
Capital spending and capitalized software
totaled $17.6 million, up $1.0 million. Year-to-date free cash flow
was $2.2 million, down from $32.7 million, due to the operating
cash flow trends discussed above. Free cash flow is expected to
improve significantly throughout the remainder of the year,
consistent with historical seasonal cash flow patterns.
Total debt was $1,280.9 million as of
June 30, 2021, up $687.6 million from year end 2020, and total
cash was $65.9 million; net debt was $1,215.0 million on
June 30, 2021, up $676.4 million. Pursuant to the terms of the
Company's credit agreement, net debt to adjusted EBITDA was 4.4x as
of June 30, 2021, versus 2.3x at year end 2020. The
increase in debt and leverage levels is primarily related to the
acquisition of Scapa. The Company expects net leverage to decrease
as it closes out the year.
The Company announced a quarterly cash dividend
of $0.44 per share. The dividend will be payable on
September 24, 2021 to stockholders of record as of
August 20, 2021.
Conference Call
SWM will hold a conference call to review second
quarter 2021 results with investors and analysts at 8:30 a.m.
Eastern time on Thursday, August 5, 2021. The earnings conference
call will be simultaneously broadcast over the Internet at
www.swmintl.com. To listen to the call, please go to the
Company’s website at least 15 minutes prior to the call to register
and to download and install any necessary audio software. For those
unable to listen to the live broadcast, a replay will be available
on the Company’s website shortly after the call.
SWM will use a presentation in conjunction with
its conference call. The presentation can be found on the
Company's website under the Investor Relations section in advance
of the earnings conference call. The presentation can also be
accessed via the earnings conference call webcast.
About SWM
SWM is a leading global performance materials
company, focused on bringing best-in-class innovation, design, and
manufacturing solutions to our customers. Our highly engineered
films, adhesive tapes, foams, nets, nonwovens, and papers are
designed and manufactured using resins, polymers, and natural
fibers for a variety of industries and specialty applications. SWM
and its subsidiaries manufacture on four continents, conduct
business in over 90 countries and employ approximately 5,000 people
worldwide. For further information, please visit SWM’s website at
www.swmintl.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to the safe harbor created by
that Act and other legal protections. Forward-looking
statements include, without limitation, those regarding the
incurrence of additional debt, future performance, capital
expenditures, future market and EPS trends and guidance, the future
effects of supply chain challenges and price increases, sales and
volume trends, growth prospects, currency rates and trends and
impact on EPS, future cash flows, net leverage, purchase accounting
impacts, effective tax rates, planned investments, impacts of
the COVID-19 pandemic on our operations, profitability, and cash
flow, the expected benefits and accretion of the Scapa acquisition
and integration, and other statements generally identified by words
such as "believe," "expect," "intend," "guidance," "plan,"
"forecast," "potential," "anticipate," "confident," "project,"
"appear," "future," "should," "likely," "could," "may,"
"typically," "will," and similar words.
These forward-looking statements are prospective
in nature and not based on historical facts, but rather on current
expectations and on numerous assumptions regarding the business
strategies and the environment in which our business shall operate
in the future and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by those statements. No assurance can be given that such
expectations will prove to have been correct and persons reading
this presentation are therefore cautioned not to place undue
reliance on these forward-looking statements which speak only as at
the date of this press release. These statements are not guarantees
of future performance and are subject to certain risks,
uncertainties (some of which are beyond the Company’s control) and
assumptions that may cause actual results to differ materially from
our expectations as of the date of this release. These risks
include, among other things, the following factors:
- Risks associated with pandemics and other public health
emergencies, including the continued impact of, and the
governmental and third party response to, the COVID-19 pandemic
(including its variant strains);
- Changes in sales or production volumes, pricing and/or
manufacturing costs of Recon products, cigarette paper (including
for LIP cigarettes), including any change by our customers in their
tobacco and tobacco-related blends for their cigarettes, their
target inventory levels and/or the overall demand for their
products, new technologies such as e-cigarettes, inventory
adjustments and rebalancings in our EP segment. Additionally,
competition and changes in AMS end-market products due to changing
customer demands;
- Changes in the Chinese economy, including relating to the
demand for reconstituted tobacco, premium cigarettes and netting
and due to impact of tariffs;
- Risks associated with the implementation of our strategic
growth initiatives, including diversification, and the Company's
understanding of, and entry into, new industries and
technologies;
- Changes in the source and intensity of competition in our
commercial segments;
- Our ability to attract and retain key personnel;
- Weather conditions, including potential impacts, if any, from
climate change, known and unknown, seasonality factors that affect
the demand for virgin tobacco leaf and natural disasters or unusual
weather events;
- Seasonal or cyclical market and industry fluctuations which may
result in reduced net sales and operating profits during certain
periods;
- Increases in commodity prices and lack of availability of such
commodities, including energy, wood pulp and resins, which could
impact the sales and profitability of our products;
- Adverse changes in the oil, gas, automotive, construction and
infrastructure, and mining sectors impacting key AMS segment
customers;
- Increases in operating costs due to inflation or otherwise,
such as labor expense, compensation and benefits costs;
- Employee retention and labor shortages;
- Changes in employment, wage and hour laws and regulations in
the U.S., France and elsewhere, including the loi de Securisation
de l'emploi in France, unionization rule and regulations by the
National Labor Relations Board in the U.S., equal pay initiatives,
additional anti-discrimination rules or tests and different
interpretations of exemptions from overtime laws;
- Labor strikes, stoppages, disruptions or other disruptions at
our facilities;
- The impact of tariffs, and the imposition of any future
additional tariffs and other trade barriers, and the effects of
retaliatory trade measures;
- Existing and future governmental regulation and the enforcement
thereof, for example relating to the tobacco industry, taxation and
the environment (including the impact thereof on our Chinese joint
ventures);
- New reports as to the effect of smoking on human health or the
environment;
- Changes in general economic, financial and credit conditions in
the U.S., Europe, China and elsewhere, including the impact thereof
on currency exchange rates (including any weakening of the Euro and
Real) and on interest rates and the effects of the ongoing
discussions between the U.K. and European Union to determine the
terms of the U.K.'s withdrawal from the European Union;
- Changes in the method pursuant to which LIBOR rates are
determined and the phasing out of USD LIBOR after 2023;
- Changes in the manner in which we finance our debt and future
capital needs, including potential acquisitions;
- The success of, and costs associated with, our current or
future restructuring initiatives, including the granting of any
needed governmental approvals and the occurrence of work stoppages
or other labor disruptions;
- Changes in the discount rates, revenue growth, cash flow growth
rates or other assumptions used by the Company in its assessment
for impairment of assets and adverse economic conditions or other
factors that would result in significant impairment charges;
- The failure of one or more material suppliers, including
energy, resin and pulp suppliers, to supply materials as needed to
maintain our product plans and cost structure;
- International conflicts and disputes, which restrict our
ability to supply products into affected regions, due to the
corresponding effects on demand, the application of international
sanctions, or practical consequences on transportation, banking
transactions, and other commercial activities in troubled
regions;
- Compliance with the FCPA and other anti-corruption laws or
trade control laws, as well as other laws governing our
operations;
- The pace and extent of further international adoption of LIP
cigarette standards and the nature of standards so adopted;
- Risks associated with our 50%-owned, non-U.S. joint ventures
relating to control and decision-making, compliance, accounting
standards, transparency and customer relations, among others;
- A failure in our risk management and/or currency or interest
rate swaps and hedging programs, including the failures of any
insurance company or counterparty;
- The number, type, outcomes (by judgment or settlement) and
costs of legal, tax, regulatory or administrative proceedings,
litigation and/or amnesty programs, including those in Brazil,
France and Germany;
- The outcome and cost of LIP-related intellectual property
infringement and validity litigation in Europe and the Glatz's
German Patent Court invalidation proceedings;
- Risks associated with our technological advantages in our
intellectual property and the likelihood that our current
technological advantages are unable to continue indefinitely;
- Risks associated with acquisitions or other strategic
transactions, including acquired liabilities and restrictions,
retaining customers from businesses acquired, achieving any
expected results or synergies from acquired businesses, complying
with new regulatory frameworks, difficulties in integrating
acquired businesses or implementing strategic transactions
generally and risks associated with international acquisition
transactions, including in countries where we do not currently have
a material presence;
- Risks associated with dispositions, including post-closing
claims being made against us, disruption to our other businesses
during a sale process or thereafter, credit risks associated with
any buyer of such disposed assets and our ability to collect funds
due from any such buyer;
- Risks associated with our global asset realignment initiatives,
including: changes in tax law, treaties, interpretations, or
regulatory determinations; audits made by applicable regulatory
authorities and/or our auditor; and our ability to operate our
business in a manner consistent with the regulatory requirements
for such realignment;
- Increased taxation on tobacco-related products;
- Costs and timing of implementation of any upgrades or changes
to our information technology systems;
- Failure by us to comply with any privacy or data security laws
or to protect against theft of customer, employee and corporate
sensitive information;
- Changes in tax rates, the adoption of new U.S. or international
tax legislation or exposure to additional tax liabilities;
- Changes in construction and infrastructure spending and its
impact on demand for certain products;
- Potential loss of consumer awareness and demand for acquired
companies’ products if it is decided to rebrand those products
under the Company’s legacy brand names; and
- Other factors described elsewhere in this document and from
time to time in documents that we file with the SEC.
All forward-looking statements made in this
document are qualified by these cautionary statements.
Forward-looking statements herein are made only as of the date of
this document, and we do not undertake any obligation, other than
as may be required by law, to update or revise any forward-looking
or cautionary statements to reflect changes in assumptions, the
occurrence of events, unanticipated or otherwise, or changes in
future operating results over time or otherwise.
Comparisons of results for current and any prior
periods are not intended to express any future trends or
indications of future performance unless expressed as such and
should only be viewed as historical data. The financial
results reported in this release are unaudited.
For additional factors and further discussion of
these factors, please see SWM's Annual Report on Form 10-K for the
year ended December 31, 2020 and other reports we file with the SEC
from time to time, which can be found at the SEC’s website
www.sec.gov. The discussion of these risks is specifically
incorporated by reference into this release. The financial results
reported in this release are unaudited.
Non-GAAP Financial Measures
Certain financial measures and comments
contained in this press release exclude restructuring and
impairment expenses, certain purchase accounting adjustments
related to AMS segment acquisitions, acquisition and integration
related costs, interest expense, the effect of income tax
provisions and other tax impacts, capital spending, capitalized
software costs, and depreciation and amortization. This press
release also provides certain information regarding the Company's
financial results excluding currency impacts. This
information estimates the impact of changes in foreign currency
rates on the translation of the Company's current financial results
as compared to the applicable comparable period and is derived by
translating the current local currency results into U.S. Dollars
based upon the foreign currency exchange rates for the applicable
comparable period. Financial measures which exclude or
include these items have not been determined in accordance with
accounting principles generally accepted in the United States
(GAAP) and are therefore "non-GAAP" financial measures.
Reconciliations of these non-GAAP financial measures to the most
closely analogous measure determined in accordance with GAAP are
included in the financial schedules attached to this release.
The Company believes that the presentation of
non-GAAP financial measures in addition to the related GAAP
measures provides investors with greater transparency on the
information used by the Company’s management in its financial and
operational decision-making. Management also believes that
the non-GAAP financial measures provide additional insight for
analysts and investors in evaluating the Company’s financial and
operational performance in the same way that management evaluates
the Company's financial performance. Management believes that
providing this information enables investors to better understand
the Company’s operating performance and financial condition.
These non-GAAP financial measures are not calculated or presented
in accordance with, and are not intended to be considered in
isolation or as alternatives or substitutes for, or superior to,
financial measures prepared and presented in accordance with GAAP,
and should be read only in conjunction with the Company's financial
measures prepared and presented in accordance with GAAP. The
non-GAAP financial measures used in this release may be different
from the measures used by other companies.
SOURCE SWM:
CONTACT
Andrew WamserChief Financial
Officer+1-770-569-4271
Or
Mark ChekanowDirector of Investor
Relations+1-770-569-4229
Website: http://www.swmintl.com
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Dollars in millions, except per share
amounts)(Unaudited)
|
Three Months Ended June 30, |
|
|
|
2021 |
|
2020 |
|
% Change |
Net sales |
$ |
377.8 |
|
|
$ |
254.2 |
|
|
48.6 |
% |
Cost of products sold |
289.7 |
|
|
179.9 |
|
|
61.0 |
|
Gross profit |
88.1 |
|
|
74.3 |
|
|
18.6 |
|
|
|
|
|
|
|
Selling expense |
11.9 |
|
|
8.8 |
|
|
35.2 |
|
Research and development expense |
5.4 |
|
|
3.6 |
|
|
50.0 |
|
General expense |
52.6 |
|
|
25.9 |
|
|
N.M. |
Total nonmanufacturing expenses |
69.9 |
|
|
38.3 |
|
|
82.5 |
|
|
|
|
|
|
|
Restructuring and
impairment expense |
2.3 |
|
|
1.6 |
|
|
43.8 |
|
Operating
profit |
15.9 |
|
|
34.4 |
|
|
(53.8) |
|
Interest expense |
13.1 |
|
|
8.1 |
|
|
61.7 |
|
Other expense, net |
(0.3) |
|
|
(0.3) |
|
|
— |
|
Income before
income taxes and income from equity affiliates |
2.5 |
|
|
26.0 |
|
|
(90.4) |
|
|
|
|
|
|
|
Provision for income taxes |
3.5 |
|
|
5.4 |
|
|
(35.2) |
|
Income from equity affiliates, net of income taxes |
2.8 |
|
|
0.9 |
|
|
N.M |
Net income |
$ |
1.8 |
|
|
$ |
21.5 |
|
|
(91.6) |
% |
|
|
|
|
|
|
Net income per
share - basic: |
|
|
|
|
|
Net income per share – basic |
$ |
0.06 |
|
|
$ |
0.69 |
|
|
(91.3) |
% |
|
|
|
|
|
|
Net income per
share – diluted: |
|
|
|
|
|
Net income per share – diluted |
$ |
0.06 |
|
|
$ |
0.68 |
|
|
(91.2) |
% |
|
|
|
|
|
|
Cash dividends
declared per share |
$ |
0.44 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
31,045,100 |
|
|
30,792,600 |
|
|
|
|
|
|
|
|
|
Diluted |
31,402,400 |
|
|
31,006,700 |
|
|
|
N.M. - Not Meaningful
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(Dollars in millions, except per share
amounts)(Unaudited)
|
Six Months Ended June 30, |
|
|
|
2021 |
|
2020 |
|
% Change |
Net sales |
$ |
666.0 |
|
|
$ |
515.7 |
|
|
29.1 |
% |
Cost of products sold |
497.1 |
|
|
367.1 |
|
|
35.4 |
|
Gross profit |
168.9 |
|
|
148.6 |
|
|
13.7 |
|
|
|
|
|
|
|
Selling expense |
21.0 |
|
|
18.3 |
|
|
14.8 |
|
Research and development expense |
9.2 |
|
|
6.8 |
|
|
35.3 |
|
General expense |
85.3 |
|
|
53.3 |
|
|
60.0 |
|
Total nonmanufacturing expenses |
115.5 |
|
|
78.4 |
|
|
47.3 |
|
|
|
|
|
|
|
Restructuring and
impairment expense |
4.0 |
|
|
1.7 |
|
|
N.M. |
Operating
profit |
49.4 |
|
|
68.5 |
|
|
(27.9) |
|
Interest expense |
16.0 |
|
|
15.0 |
|
|
6.7 |
|
Other (expense) income, net |
(2.9) |
|
|
0.3 |
|
|
N.M. |
Income from continuing operations before income taxes and income
from equity affiliates |
30.5 |
|
|
53.8 |
|
|
(43.3) |
|
|
|
|
|
|
|
Provision for income taxes |
10.9 |
|
|
10.7 |
|
|
1.9 |
|
Income from equity affiliates, net of income taxes |
3.8 |
|
|
0.9 |
|
|
N.M. |
Net income |
$ |
23.4 |
|
|
$ |
44.0 |
|
|
(46.8) |
% |
|
|
|
|
|
|
Net income per
share - basic: |
|
|
|
|
|
Net income per share – basic |
$ |
0.75 |
|
|
$ |
1.41 |
|
|
(46.8) |
% |
|
|
|
|
|
|
Net income per
share – diluted: |
|
|
|
|
|
Net income per share – diluted |
$ |
0.74 |
|
|
$ |
1.40 |
|
|
(47.1) |
% |
|
|
|
|
|
|
Cash dividends
declared per share |
$ |
0.88 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
31,009,900 |
|
|
30,752,500 |
|
|
|
|
|
|
|
|
|
Diluted |
31,371,700 |
|
|
30,958,400 |
|
|
|
N.M. - Not Meaningful
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Dollars in
millions)(Unaudited)
|
June 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
Cash and cash
equivalents |
$ |
65.9 |
|
|
$ |
54.7 |
|
Accounts
receivable, net |
229.4 |
|
|
148.5 |
|
Inventories |
247.0 |
|
|
179.7 |
|
Other current
assets |
36.4 |
|
|
13.5 |
|
Property, plant
and equipment, net |
476.3 |
|
|
339.0 |
|
Goodwill |
666.7 |
|
|
403.7 |
|
Other noncurrent
assets |
701.6 |
|
|
445.8 |
|
Total Assets |
$ |
2,423.3 |
|
|
$ |
1,584.9 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current debt |
$ |
18.3 |
|
|
$ |
2.8 |
|
Other current
liabilities |
226.1 |
|
|
164.1 |
|
Long-term
debt |
1,262.6 |
|
|
590.5 |
|
Pension and other
postretirement benefits |
43.3 |
|
|
36.5 |
|
Deferred income
tax liabilities |
112.2 |
|
|
45.1 |
|
Long-term income
tax payable |
16.6 |
|
|
17.7 |
|
Other noncurrent
liabilities |
91.2 |
|
|
78.6 |
|
Stockholders’
equity |
653.0 |
|
|
649.6 |
|
Total Liabilities and Stockholders’ Equity |
$ |
2,423.3 |
|
|
$ |
1,584.9 |
|
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOW(Dollars in
millions)(Unaudited)
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
Operating |
|
|
|
Net income |
$ |
23.4 |
|
|
$ |
44.0 |
|
Non-cash items included in net income: |
|
|
|
Depreciation and amortization |
44.9 |
|
|
32.5 |
|
Deferred income tax |
6.8 |
|
|
1.6 |
|
Pension and other postretirement benefits |
1.9 |
|
|
1.8 |
|
Stock-based compensation |
4.6 |
|
|
4.2 |
|
Income from equity affiliates |
(3.8) |
|
|
(0.9) |
|
Brazil tax assessment accruals, net |
(6.1) |
|
|
— |
|
Other items |
(0.9) |
|
|
(3.7) |
|
Changes in operating working capital |
(51.0) |
|
|
(30.2) |
|
Cash provided by operations |
19.8 |
|
|
49.3 |
|
|
|
|
|
Investing |
|
|
|
Capital spending |
(16.3) |
|
|
(14.9) |
|
Capitalized software costs |
(1.3) |
|
|
(1.7) |
|
Acquisitions, net of cash acquired |
(630.5) |
|
|
(169.3) |
|
Other investing |
(0.9) |
|
|
2.1 |
|
Cash used in investing |
(649.0) |
|
|
(183.8) |
|
|
|
|
|
Financing |
|
|
|
Cash dividends paid to SWM stockholders |
(27.6) |
|
|
(27.4) |
|
Proceeds from issuances of long-term debt |
703.7 |
|
|
212.0 |
|
Payments on long-term debt |
(17.8) |
|
|
(87.1) |
|
Payments for debt issuance costs |
(14.5) |
|
|
— |
|
Purchases of common stock |
(3.1) |
|
|
(0.9) |
|
Cash provided by financing |
640.7 |
|
|
96.6 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(0.3) |
|
|
(1.2) |
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
$ |
11.2 |
|
|
$ |
(39.1) |
|
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESBUSINESS SEGMENT
REPORTING(Dollars in
millions)(Unaudited)
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
AMS |
$ |
252.0 |
|
|
$ |
132.8 |
|
|
89.8 |
% |
|
$ |
415.0 |
|
|
$ |
255.7 |
|
|
62.3 |
% |
EP |
125.8 |
|
|
121.4 |
|
|
3.6 |
% |
|
251.0 |
|
|
260.0 |
|
|
(3.5) |
% |
Total Consolidated |
$ |
377.8 |
|
|
$ |
254.2 |
|
|
48.6 |
% |
|
$ |
666.0 |
|
|
$ |
515.7 |
|
|
29.1 |
% |
Operating Profit |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
|
Return on Net Sales |
|
|
|
|
|
Return on Net Sales |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
AMS |
$ |
18.9 |
|
|
$ |
13.1 |
|
|
7.5 |
% |
|
9.9 |
% |
|
$ |
40.2 |
|
|
$ |
26.8 |
|
|
9.7 |
% |
|
10.5 |
% |
EP |
24.2 |
|
|
31.7 |
|
|
19.2 |
% |
|
26.1 |
% |
|
54.1 |
|
|
65.1 |
|
|
21.6 |
% |
|
25.0 |
% |
Unallocated |
(27.2) |
|
|
(10.4) |
|
|
|
|
|
|
(44.9) |
|
|
(23.4) |
|
|
|
|
|
Total Consolidated |
$ |
15.9 |
|
|
$ |
34.4 |
|
|
4.2 |
% |
|
13.5 |
% |
|
$ |
49.4 |
|
|
$ |
68.5 |
|
|
7.4 |
% |
|
13.3 |
% |
Non-GAAP Adjustments to Operating Profit |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
AMS -
Restructuring & Impairment Expenses |
$ |
— |
|
|
$ |
0.5 |
|
|
$ |
— |
|
|
$ |
0.5 |
|
AMS - Purchase
Accounting Adjustments |
$ |
14.3 |
|
|
$ |
7.2 |
|
|
20.8 |
|
|
12.8 |
|
EP -
Restructuring and impairment Expenses |
2.3 |
|
|
1.1 |
|
|
4.0 |
|
|
1.2 |
|
Unallocated -
Acquisition and Integration Related Costs |
12.1 |
|
|
— |
|
|
15.7 |
|
|
— |
|
Total Consolidated |
$ |
28.7 |
|
|
$ |
8.8 |
|
|
$ |
40.5 |
|
|
$ |
14.5 |
|
Adjusted Operating Profit |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
|
Return on Net Sales |
|
|
|
|
|
Return on Net Sales |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
AMS |
$ |
33.2 |
|
|
$ |
20.8 |
|
|
13.2 |
% |
|
15.7 |
% |
|
$ |
61.0 |
|
|
$ |
40.1 |
|
|
14.7 |
% |
|
15.7 |
% |
EP |
26.5 |
|
|
32.8 |
|
|
21.1 |
% |
|
27.0 |
% |
|
58.1 |
|
|
66.3 |
|
|
23.1 |
% |
|
25.5 |
% |
Unallocated |
(15.1) |
|
|
(10.4) |
|
|
|
|
|
|
(29.2) |
|
|
(23.4) |
|
|
|
|
|
Total Consolidated |
$ |
44.6 |
|
|
$ |
43.2 |
|
|
11.8 |
% |
|
17.0 |
% |
|
$ |
89.9 |
|
|
$ |
83.0 |
|
|
13.5 |
% |
|
16.1 |
% |
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES AND SUPPLEMENTAL DATA(Dollars in
millions, except per share amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating
profit |
$ |
15.9 |
|
|
$ |
34.4 |
|
|
$ |
49.4 |
|
|
$ |
68.5 |
|
Plus:
Restructuring expenses |
2.3 |
|
|
1.6 |
|
|
4.0 |
|
|
1.7 |
|
Plus: Purchase
accounting adjustments |
14.3 |
|
|
7.2 |
|
|
20.8 |
|
|
12.8 |
|
Plus: Acquisition
and integration related costs |
12.1 |
|
|
— |
|
|
15.7 |
|
|
— |
|
Adjusted
Operating Profit |
$ |
44.6 |
|
|
$ |
43.2 |
|
|
$ |
89.9 |
|
|
$ |
83.0 |
|
|
|
|
|
|
|
|
|
Income |
$ |
1.8 |
|
|
$ |
21.5 |
|
|
$ |
23.4 |
|
|
$ |
44.0 |
|
Plus:
Restructuring and impairment expense |
2.3 |
|
|
1.6 |
|
|
4.0 |
|
|
1.7 |
|
Less: Tax impact
of restructuring and impairment expense |
(0.6) |
|
|
(0.5) |
|
|
(1.0) |
|
|
(0.5) |
|
Plus: Purchase
accounting adjustments |
14.3 |
|
|
7.2 |
|
|
20.8 |
|
|
12.8 |
|
Less: Tax impact
of purchase accounting adjustments |
(2.6) |
|
|
(1.7) |
|
|
(4.2) |
|
|
(3.1) |
|
Plus: Brazil tax
assessments |
— |
|
|
— |
|
|
(6.1) |
|
|
— |
|
Less: Tax impact
of Brazil tax assessments |
(0.2) |
|
|
— |
|
|
2.5 |
|
|
— |
|
Plus: Acquisition
and integration related costs |
12.1 |
|
|
— |
|
|
15.7 |
|
|
— |
|
Less: Tax impact
on acquisition and integration related costs |
(2.6) |
|
|
— |
|
|
(3.4) |
|
|
— |
|
Plus: Acquisition
related foreign currency exchange impacts |
1.3 |
|
|
— |
|
|
6.9 |
|
|
— |
|
Less: Tax Impact
on acquisition related foreign currency exchange impacts |
1.3 |
|
|
— |
|
|
— |
|
|
— |
|
Less: Tax
legislative changes, net of other discrete items |
1.5 |
|
|
(0.1) |
|
|
2.2 |
|
|
(0.4) |
|
Adjusted
Income |
$ |
28.6 |
|
|
$ |
28.0 |
|
|
$ |
60.8 |
|
|
$ |
54.5 |
|
|
|
|
|
|
|
|
|
Earnings per
share - diluted |
$ |
0.06 |
|
|
$ |
0.68 |
|
|
$ |
0.74 |
|
|
$ |
1.40 |
|
Plus:
Restructuring and impairment expense |
0.07 |
|
|
0.06 |
|
|
0.13 |
|
|
0.06 |
|
Less: Tax impact
of restructuring and impairment expense |
(0.02) |
|
|
(0.02) |
|
|
(0.03) |
|
|
(0.02) |
|
Plus: Purchase
accounting adjustments |
0.45 |
|
|
0.24 |
|
|
0.66 |
|
|
0.42 |
|
Less: Tax impact
of purchase accounting adjustment |
(0.09) |
|
|
(0.06) |
|
|
(0.14) |
|
|
(0.10) |
|
Plus: Brazil tax
assessments |
— |
|
|
— |
|
|
(0.20) |
|
|
— |
|
Less: Tax impact
of Brazil tax assessments |
(0.01) |
|
|
— |
|
|
0.08 |
|
|
— |
|
Plus: Acquisition
and integration related costs |
0.39 |
|
|
— |
|
|
0.50 |
|
|
— |
|
Less: Tax impact
on acquisition and integration related costs |
(0.09) |
|
|
— |
|
|
(0.11) |
|
|
— |
|
Plus: Acquisition
related foreign currency exchange impacts |
0.04 |
|
|
— |
|
|
0.22 |
|
|
— |
|
Less: Tax impact
on acquisition related foreign currency exchange impacts |
0.05 |
|
|
— |
|
|
— |
|
|
— |
|
Less: Tax
legislative changes, net of other discrete items |
0.05 |
|
|
— |
|
|
0.07 |
|
|
(0.01) |
|
Adjusted Earnings
Per Share - Diluted |
$ |
0.90 |
|
|
$ |
0.90 |
|
|
$ |
1.92 |
|
|
$ |
1.75 |
|
|
|
|
|
|
|
|
|
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES AND SUPPLEMENTAL DATA(Dollars in
millions, except per share amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income |
$ |
1.8 |
|
|
$ |
21.5 |
|
|
$ |
23.4 |
|
|
$ |
44.0 |
|
Plus: Interest
expense on debt |
13.1 |
|
|
8.1 |
|
|
20.5 |
|
|
15.0 |
|
Plus: Reversal of
interest expense on Brazil tax assessments |
— |
|
|
— |
|
|
(4.5) |
|
|
— |
|
Plus: Provision
for income taxes |
3.5 |
|
|
5.4 |
|
|
10.9 |
|
|
10.7 |
|
Plus:
Depreciation and amortization |
27.0 |
|
|
16.8 |
|
|
43.4 |
|
|
31.6 |
|
Plus:
Restructuring and impairment expense |
2.3 |
|
|
1.6 |
|
|
4.0 |
|
|
1.7 |
|
Plus: Acquisition
and integration related costs |
12.1 |
|
|
— |
|
|
15.7 |
|
|
— |
|
Plus: Income from
equity affiliates |
(2.8) |
|
|
(0.9) |
|
|
(3.8) |
|
|
(0.9) |
|
Plus: Other
(income) loss, net |
(1.0) |
|
|
0.3 |
|
|
(2.4) |
|
|
(0.3) |
|
Plus: Acquisition
related foreign currency exchange impacts |
1.3 |
|
|
— |
|
|
6.9 |
|
|
— |
|
Plus: Reversal of
other expenses related to Brazil tax assessments |
— |
|
|
— |
|
|
(1.6) |
|
|
— |
|
Adjusted
EBITDA |
$ |
57.3 |
|
|
$ |
52.8 |
|
|
$ |
112.5 |
|
|
$ |
101.8 |
|
|
|
|
|
|
|
|
|
AMS adjusted
EBITDA |
$ |
40.2 |
|
|
$ |
24.8 |
|
|
$ |
72.3 |
|
|
$ |
47.5 |
|
EP adjusted
EBITDA |
31.9 |
|
|
38.3 |
|
|
68.9 |
|
|
77.3 |
|
Unallocated
adjusted EBITDA |
(14.8) |
|
|
(10.3) |
|
|
(28.7) |
|
|
(23.0) |
|
Adjusted
EBITDA |
$ |
57.3 |
|
|
$ |
52.8 |
|
|
$ |
112.5 |
|
|
$ |
101.8 |
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities |
$ |
7.1 |
|
|
$ |
44.2 |
|
|
$ |
19.8 |
|
|
$ |
49.3 |
|
Less: Capital
spending |
(9.2) |
|
|
(7.5) |
|
|
(16.3) |
|
|
(14.9) |
|
Less: Capitalized
software costs |
(0.8) |
|
|
(1.0) |
|
|
(1.3) |
|
|
(1.7) |
|
Free Cash
Flow |
$ |
(2.9) |
|
|
$ |
35.7 |
|
|
$ |
2.2 |
|
|
$ |
32.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
|
|
Total Debt |
|
|
|
|
$ |
1,280.9 |
|
|
$ |
593.3 |
|
Less: Cash |
|
|
|
|
65.9 |
|
|
54.7 |
|
Net Debt |
|
|
|
|
$ |
1,215.0 |
|
|
$ |
538.6 |
|
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